Well, here's how I'd think things would work out, in the sort of setup that your (not entirely clear) description would seem to indicate.
If I understand correctly: you have two independent voltage generators (e.g. audio amplifier channnels). Each one's "hot" output is connected through a series resistor of some sort, to a common load point (this is often called a "build-out" resistor). The two generators' "ground" outputs are connected together to the other side of the load point. The two amps/generators are assumed to have independent power supplies, with no common reference other than the two connections at the inputs.
Let's assume, to simply matters, that there is no load at the common load point, other than what the two voltage generators themselves might create for one another.
Let's also assume that each generator is "perfect", in that it has a zero-ohm output impedance (other than what's provided by its series build-out resistor) and can provide unlimited current.
Let's also assume that the two build-out resistors are identical in value.
Let's look at several cases:
- The two generators are operating at the same frequency, the same amplitude, and are exactly in phase with one another. In this case, the voltage at the common load point is going to always be exactly the voltage of each generator's output. The chain from "generator 1 output, through generator 1 build-out resistor, to common load point, through generator 2 build-out resistor, to generator 2 output" will be all at the same voltage, at any given instant in time, as there's nothing anywhere "pulling" it away from this voltage. In effect, each generator will see a "no real load" situation. No current will flow.
- One generator is operating as above. The other is set to "0 Hz, 0 amplitude, 0 degrees phase angle" - it's always "generating" zero volts. In effect, the second generator's output is a perfect short to ground. In this case, generator 1 will see a load consisting of the two build-out resistors in series (i.e. the sum of the two). It will deliver an AC current into these resistors which will be (at any given instant) the instantaneous voltage it's delivering, divided by the sum of the two resistor values. Generator 2 will be delivering exactly the same current, but 180 degrees out of phase. It will be "seeing" something that's not a simple resistive load, as the current drawn by the "load" (generator 1) is not going to be proportional to the voltage that this generator is trying to deliver.
- One generator is operating as in the first case. The second generator is generating the same frequency and amplitude, but 180 degrees out of phase with the first. In this case, the voltage at the common load point will always be zero... the two generators are delivering identical currents to this point, through identical resistors - they're "tugging" equally hard but in opposite directions. This is often referred to as a "virtual ground". From the point of view of each generator, it's loaded into a perfect short circuit to ground. It will deliver an current equal at any given instant to the voltage it's trying to deliver (at that point in the sinewave) divided by the value of that generator's build-out resistor. Once again, the two generators will be delivering exactly the same current, but 180 degrees out of phase with one another.
- The two generators are generating different frequencies.
In this case, the current flow out of generator 1 is going to be equal, at any given instant, to the differences in output voltages of the two generators, divided by the sum of the two build-out resistors. If you plot this, you'll find that the current is a "difference of sines". The current flow out of generator 2 will be exactly the same, but of opposite polarity.
This final case is actually the "general case" for this problem, I believe. The first three cases are simply special cases of this. In every case where current flows (i.e. other than the first) you'll be radiating at least a small amount of energy away as EM.